The Central Bank of Nigeria (CBN) has declared that a “Post no Debit” restriction on all bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will commence in April 2024.
The CBN made this known in a circular issued by the apex bank and sent to all deposit money banks in the country on Friday, December 1, 2023.
‘Post No Debit’ is a restriction imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or any other transactions from their accounts.
This freezes the funds in the account, rendering it inaccessible for the duration of the restriction.
The CBN added that all the BVN or NIN attached to and/or associated with AL accounts/wallets must be electronically revalidated by January 31, 2024.
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Malik Krueger